David "How to Sharpen Pencils" Rees describes the Rolling Jubilee, a project from Occupy Wall Street to buy up, and zero out, other peoples' debts:
Now OWS is launching the ROLLING JUBILEE, a program that has been in development for months. OWS is going to start buying distressed debt (medical bills, student loans, etc.) in order to forgive it. As a test run, we spent $500, which bought $14,000 of distressed debt. We then ERASED THAT DEBT. (If you’re a debt broker, once you own someone’s debt you can do whatever you want with it — traditionally, you hound debtors to their grave trying to collect. We’re playing a different game. A MORE AWESOME GAME.)
This is a simple, powerful way to help folks in need — to free them from heavy debt loads so they can focus on being productive, happy and healthy. As you can see from our test run, the return on investment approaches 30:1. That’s a crazy bargain!
Now, after many consultations with attorneys, the IRS, and our moles in the debt-brokerage world, we are ready to take the Rolling Jubilee program LIVE and NATIONWIDE, buying debt in communities that have been struggling during the recession.
We’re kicking things off with a show called THE PEOPLE’S BAILOUT at Le Poisson Rouge on Thursday, November 15. It will also stream online, like a good ol’-fashioned telethon!
I just put in $100, which will erase $3000 worth of someone's debt.
The People’s Bailout
There’s still magic in the world, as evidenced by this fairy’s-eye view of Children’s Fairyland, that charming 70-year-old storybook theme park in Oakland, California. You might remember that when I’m not blogging, I work with Fairyland. WELL… months before we were mandated to shelter in place, a local photographer, Stephen Loewinsohn, contacted our team at […]
We’ve been writing about Lea Redmond since 2009 here on Boing Boing. She’s just one of those kind of people who consistently makes neat things — a real Happy Mutant! Well, her latest creative venture is Home Sweet Home, an activity deck for kids (and the young at heart). It offers inspiring prompts for whimsical, […]
Listed at $159,900 this 1,075 square-foot home in Pittsburgh, Pennsylvania is bland on the outside but features rooms with outer space, submarine, tropical island, and moonbase motifs. The owners put a lot of work into it!
When you were 10 and your mom demanded you finish your vegetables or go to your room, you were mad. Even as kids, we hated it when we were ordered to do something. Car insurance is a federal mandate, yet that’s only one of the reasons why most Americans would rather do just about anything […]
We all know the drill. As the overlords of the smartphone and tablet markets, the braintrust at Apple very seldom hold sales on their signature devices. So rather than spending almost $1,000 on a brand-new iPad Pro, the folks in Cupertino are instead giving you the opportunity to score one for about a third of […]
Entrepreneurs looking for new avenues to reach customers may not have considered one of the fastest-growing content mediums today: podcasting. And we don’t mean just dropping an advertisement for your product or service in the middle of a popular show. Right now, there are about 850,000 active podcasts reaching 165 million Americans. Those listeners are […]